Hello everyone! I'm new and a first time poster! I'm trying to rebuild my credit. In 2007 I was laid off from my job at a major bank for reasons we all know. I was out of a job for 2009 and it was either pay credit cards or pay the mortgage and eat. Needless to say, I've been employed 4 years now and I still am slowly repairing all the damage that was done.
After repaying 2 charge-off's and 7 accounts in collections, this year marks the first year that I'm actually getting credit cards back. I opened up my first rebuilding card with Merrick Bank (initial $500, then CLI to $1000) and from there have subsequently opened a store card (Old Navy, $200) and my most recent baby, a newborn Capital One Quicksilver card ($300). I finally feel like I'm out of the time out corner!!
That being said, I applied for a LOFT credit card (Ann Taylor for those of you who are unfamiliar) shortly after I was approved for an Old Navy card (same trip to the mall). I was all ramped up because of my ON approval (instant!) and I thought, gee whiz, maybe I'll get 2/2! WRONG. I got the good old 7-10 day message and 10 days later the sad no-no letter.
Now this no-no letter was unlike other no-no letters I've seen. They used some really bizarre scoring system that ranked people's credit from a score of 1 to 999. Has anyone ever seen this before? This is the first time I've seen it. They said I ranked 127! That seems really low on whatever arbitrary scale this is, considering I have been approved for some cards recently.
They did however do their apologies spiel and said they hoped I'd apply again in the future, which made me feel less horrible. Still, such a bizarre scoring system. I actually noticed Old Navy/GE Money Bank had their own system as well when I got my card and materials in the mail but theirs is different, it ranges from 100-600 (I think) and I was in the 400's.
This is all very confusing! There should be ONE system and that's it.
First suggestion - get your true FICO scores if you haven't already. That way you'll have a baseline for comparison.
Second suggestion - After getting the true FICO scores, read through all the details in your reports, see what could possibly be triggering that sort of low internal score.
According to the credit pulls database (from users who have applied), Commenity/Ann Taylor has been approved with scores of 609 and 635; the pull was from EQ, which seems to be the predominant pull.